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Market discipline in international banking regulation: Keeping the playing field level

Author

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  • Adrian Pop

    (Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université)

Abstract

The focus of this article is the debt market as a powerful disciplinarian source for large and complex banking organizations around the world. We empirically study the interactions between reinforcing banks' market discipline and preserving a level playing field in international banking. Our approach consists of conducting cross-country comparisons of the secondary market prices sensitivity to market measures of bank risk (traditional & financial strength ratings). The results are generally consistent with the market discipline paradigm. However, much progress still needs to be made (especially in Japan and certain European countries) in order to make the level playing field principle compatible with the reinforcement of market discipline on an international level.

Suggested Citation

  • Adrian Pop, 2006. "Market discipline in international banking regulation: Keeping the playing field level," Post-Print hal-04212791, HAL.
    • Handle: RePEc:hal:journl:hal-04212791
    DOI: 10.1016/j.jfs.2006.07.002
    as

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